Owners in common - splitting two unequal sized sites

[creditworthy]

Good morning ,
My sibling and I have inherited land from a parent , which happens to be in 2 separate lots . While there are no issues around shared ownership etc , our solicitor suggested it might be better going forward if we wished to transfer a field into each of our names instead of being owners in common ( I may not have that term correct ). We could look at having the land valued again and the difference in valuation ( maybe 30 k ) given by whoever gets the higher valued site , to the other sibling . Owners in common may not be too complicated a set up either ...
Would this be the best way forward ?
Thank you very much for your assistance .

 

[ClubMan]

our solicitor suggested it might be better going forward if we wished to transfer a field into each of our names instead of being owners in common

What was their exact reasoning and analysis of the pros and cons in this context?
Is there a reason that you're looking for a second opinion here on their advice?

 

[BlackandBlue]

My sibling and I have inherited land from a parent , which happens to be in 2 separate lots .

If you "both" own both plots then realizing a "share" requires both parties to agree to sell.

I suspect that the solicitor is recommending that each of you hold a standalone property.
That way it would be easy for a concerned party to sell "their" field(s) at a future time should their circumstances warrant it.

The issue as you recognize is that the plots are not of equal value (size, location, bog, hill etc).

If you are agreeable get the plots valued separately and if possible come to an agreement over who gets what.
And any "consideration" as necessary to balance the deal.

 

[creditworthy]

What was their exact reasoning and analysis of the pros and cons in this context?
Is there a reason that you're looking for a second opinion here on their advice?

Hi, thank you for your reply. It was a suggestion made at the end of the initial meeting. , to be discussed later. We haven't yet met with the solicitors to discuss the pros cons etc but I was just asking in order to have a little knowledge beforehand.
Yes, the reasoning was that if either wanted to sell , it would be a more straightforward process .
Thank you all very much.

 

[creditworthy]

Hi, thank you for your replies . It was a suggestion made at the end of the initial meeting. , to be discussed at a later stage . We are soon meeting with the solicitors to discuss the pros cons etc but I was just asking in order to have a little knowledge beforehand.
Yes, the reasoning was that if either wanted to sell , it would be a more straightforward process .
Thank you all very much.